Data is the new oil. While users of data platforms in the past may have been content to merely store their “digital oil” – data – on a platform, their expectations are rapidly changing.
Users want to see their data refined into useful insights, predictions, and analytics that enable decisions and actions that result in fundraising growth.
To meet these evolving user expectations, nonprofit data platform providers will also need to evolve. They will need to go from storing and allowing users to manipulate data to providing on-demand point of storage analytics. This means platform providers must provide even more to their users by delivering actionable insights into their donors’ lives through the power of analytics.
Provide These Actionable Insights with Enriched Analytics
Enriched Analytics helps fundraising teams get their campaigns “right” faster, better, and with much less wasted spending. Enriched Analytics are insights and predictions made possible by matching an organization’s contact and transaction data with billions of third party data points.
The insights and predictions made possible with Enriched Analytics can help fundraising teams identify:
- Their Target Audience
- Their Donors’ Preferred Communication Channel
- Their Donors’ Most Likely Donation Types
- Their Best Campaign Messaging
- Their Target Locations
- Their Most Effective Campaign Budget
1. Identify Their Target Audience
Enriched Analytics provide predicted wealth scoring, predicted giving capacity, and predicted demographics about contacts in a contact list, thereby enabling nonprofit users to segment, sort, and prioritize their donors and donor prospects (Basic Predictions, Advanced Predictions). For example, a nonprofit may want to engage with contacts above a certain threshold of predicted giving capacity. Enriched Analytics in the data platform would enable a nonprofit to do so, and thereby encourage greater usage of the platform.
Enriched Analytics provide detailed primary, secondary, and emerging personas of various donor subtypes: new, repeat, high value, fastest new, fastest repeat, high margin (SEAR Reports, DEAR Reports). For example, a nonprofit may want to increase donations by targeting new donors who don’t resemble traditional donors of the organization. Enriched Analytics could reveal to a nonprofit that their donations are increasing among a new demographic group, which they can then leverage to further increase donations among that group.
2. Know Their Donors’ Preferred Communication Channel
Enriched Analytics provides contact level predictions on what marketing channel each contact is most likely to respond to (Advanced Predictions). For example, a fundraising team may want to decide who should be included in a direct mail campaign versus an email campaign. Enriched Analytics could predict the contacts in a prospect list that are most likely to respond to direct mail versus email and thus could be the best audience for a direct mail campaign.
3. Know The Type of Donation They are Most Likely to Receive
Enriched Analytics provides personas of donors who made particular types of donations (major, repeat, particular campaigns) and can predict what a particular prospect is capable of donating (DEAR Reports, Custom Predictions). For example, a nonprofit may be trying to decide what “ask” to make of a particular donor prospect. Enriched Analytics could predict the type of donation a donor prospect is most likely to make as well as their predicted capacity to give, enabling a development team to ask for the type of donation and amount of donation most likely to resonate. Enriched Analytics can also be used to create a donor pyramid based on data points not available to other nonprofits.
4. Craft the Best Campaign Message
Enriched Analytics provides the donor personas of those who responded positively to a particular campaign and can predict which campaign a donor is most likely to respond to next (DEAR Reports). For example, Enriched Analytics could analyze all of the successful fundraising campaigns from the past year to reveal the underlying personas and donation types for those campaigns. This information would enable the fundraising team to select the campaigns and asks most likely to convert donor prospects into donors.
5. Optimize Location Targeting
Enriched Analytics provides lookalike DMAs and Zip codes where the population is most similar to selected donor profiles. (CLEAR). For example, a development team may be trying interested in acquiring new donors by looking for additional locations to run a direct mail campaign. Enriched Analytics can provide the DMAs and zip codes that have populations which most closely match the personas of the donors who were acquired by previous mailer campaigns.
6. Create an Effective Marketing Campaign Budget
Enriched Analytics provides detailed analysis of past campaigns that can be used to budget and improve future campaigns (HEAR). For example, an advancement team may be trying to decide how to improve a previous direct mail campaign and how much advertising spend should be devoted to that campaign when rerun. Enriched Analytics can provide the advancement team a detailed analysis that shows how the campaign performed among various audience attributes, both in terms of success and size of donations. They are then able to determine how much spend to commit to that campaign and where to commit the spend for greatest impact.
Let’s face it, finding a data enrichment tool that also produces reliable and actionable analytics is nearly impossible, but your users would love it if you did. So, when you do stumble on one, taking the plunge is an immediate ‘yes’.
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boodleAI is a Cloud-Based Provider of Enriched Analytics for sales, marketing, and fundraising teams. Enriched Analytics are insights and predictions made possible by matching an organization’s contact and transaction data with billions of third party data points. Sales, marketing, and fundraising teams use enriched analytics to better understand customers and donors, analyze sales and donations, gain insights into specific contacts, and predict what contacts will do. Guidon, boodleAI’s Cloud-Based Software, makes Enriched Analytics available to every organization and every budget through usage based pricing. Visit boodle.ai.